Under The Financial Crisis, A Probe Into "Lu Tian Coal" High Dividend Policy From The Perspective Of Corporate Governance

Since the financial crisis, China’s stock market has been in a recession, most companies in response to the uncertainty of the financial crisis, a lot of cash reserves, and tends to choose lower cash dividend policy, but also some companies choose the cash dividend. Under the financial crisis, the companies’dividend policy is specific; the market reaction is also very different with the usual. While China is currently in the stage of rapid development, market environment is complex, full of variables. How companies deal with sudden crisis is a problem that must be thinking. Therefore, the study of the listed company’s cash dividend policy has guiding significance for them to survive the crisis. Existing studies have found:under the financial crisis, companies with high concentration of ownership, high proportion of state-owned non-tradable shares tend to distribute more cash dividends. However, the market’s response to this situation is not very positive. There are a large number of empirical studies have found a lot of macroscopic phenomena, but the lack of relevant case studies. This article from a typical case of business to start and the perspective of microscopic, combining macroscopic theoretical basis to discuss the substance of specific cases under a common phenomenon. Searching like "open-air coal" high ownership concentration such that a high proportion of non-tradable state-controlled listed companies in the financial crisis, which was significantly higher than the industry’s cash dividend policy in the end what is the deeper reason, and the company’s governance as a problem.Thesis is divided into five parts:The first chapter is an introduction, given the research background, research content, purpose and significance analysis, and research ideas, content and methods are described herein. The second chapter is a literature review, the theory used in this article for the Institute on the line finishing summarized. Mainly related to dividend policy, corporate governance, the impact of national policies and the financial crisis summarized several aspects, laying the groundwork for the following case study. The third chapter is a case of introduction mainly introduces the case of business related background, changes in ownership structure, dividend policy evolution, and the contrast with the industry analysis, business case particularity and found abnormalities. The fourth chapter is case studies and founding. This is the main part of the paper. Through the analysis, find out the real reason behind the anomalies and problems, the key appears to be possible causes, and troubleshooting problems. The fifth chapter is the conclusion and recommendations. Highly summarized of the content of this paper, concluded some suggestions for the research questions and findings in this study, and points out the shortcomings and prospects exist.Thesis innovation is mainly unfolded from the perspective of corporate governance; this is a new point of view, because the case is typical. So the perspective of the article is also more focused, but also extends the existing research perspective. Of course, there are some papers deficiencies, such as:Due to constraints, it’s hard to carry out field visits to the case of enterprises, more specific understanding of the situation and so on.